Bangalore: Children learn the complexities of science and mathematics in their early years of school. But they do not study finance, a subject they would use all their lives. When you ask a kid where money comes from, reply would be "Dad and Mom". In these times when we are hit with the global economic crisis, it is benefiting to educate your children more than ever what to do with money they have received. How do they save properly? What about budgeting or managing their finances? Teach your children the difference between needs and want. Here are a few essential concepts you can use to teach children now that will help them make smarter financial choices as they grow up: Have a Goal Find out what your kid desires the most. It could be to have a new bicycle or an iPod. Teach your kid how this goal can be achieved by saving money. They need to plan on how they can reach this goal at the earliest. The kids should be taught to prioritize their needs. Once this is clear, their saving habits improve.